In this study I explore the role of corruption in the cross-market time-varying linkage between sovereign bonds of emerging markets and the US stock market. It shows that corruption plays a prominent role in the behaviour of comovement under different market conditions. The sensitivity of...

The average cost of borrowing on international financial markets varies widely from nation to nation even after controlling for the varying levels of indebtedness of their governments. This suggests that markets assign country specific default risk assessments. In this paper we focus on one...

In this study we examine the effects of corruption in the quality of municipal bonds by Puerto Rico's government. Puerto Rico's political framework offers a unique combination of two legal systems which are positioned at opposite ends of legal protection offered to investors: the French code and...

While many investors consider municipal bonds to be “safe investments,” today's municipal bond market encompasses far more than the simple general obligation bonds of state and local governments. The tax-exempt bonds issued by Community Development Authorities (CDAs) through the municipal...